Allegheny Technologies to lay off 650 workers

Allegheny Technologies to lay off 650 workers

According to the statement released by Pittsburgh based steel producer Allegheny Technologies, the company plans to cut 650 jobs in two and a half years as a part of restructuring with the purpose of saving $200 million a year. The company officials also stated that they expect to register profit in the fourth quarter of current fiscal due to improving market conditions. Moreover it is stated that apart from restructuring, cost saving will be provided through transformation of Allegheny's stainless steel business, which is planned to be materialized in the second half of 2006.